Share Option Award and Issue of Equity

17 July 2019

Angus Energy Plc

("Angus Energy", "Angus" or the "Company")

Share Option Award

Issue of Equity

The Company announces that on 16 July 2019 it agreed the grant of 23.9 million share options, representing appoximatly 4.4% of the Company's issued share capital, under the Company's existing Employee Incentive Schemes (the "Options") to Directors and other staff.  

The share options to be granted were proposed by the Remuneration Committee and approved by the Board as part of the Company's annual share option grants as follows: 

George Lucan*                                                   3,100,000

Andrew Hollis*                                                   3,100,000

Carlos Fernandes*                                             3,100,000

Cameron Buchanan*                                         3,100,000

Paddy Clanwilliam*                                           3,100,000

Other Employees                                              6,600,000                                            

Other Consultants                                            1,800,000

* Directors of the Company.

The share options have an exercise price of 2 pence per share (being a premium of 29% to the closing price on 16 July 2019) (the "Exercise Price")  and vest as to 100 per cent., upon the share price being 4.25 pence (being 117.5 per cent. above the Exercise Price). As per previous option awards, the options have a 10 year term from the date of issue.

Following the grant of the share options outlined above, the total share options outstanding will be 54,418,304 representing approximately 10% of the 540,828,008 ordinary shares in issue.

Remuneration of Non-Executive Chairman

Furthermore, we announce that, following discussions with the Board, Paddy Clanwilliam, Chairman, has agreed with the Company to have his first year's remuneration as non-executive Chairman paid in shares priced at 3 pence, a premium of approximately 94% to the closing price on 16 July 2019. Accordingly the Company has issued a total of 2,000,000 ordinary shares which will be subject to a 1 year lock in period.

Application has been made to London Stock Exchange plc for the 2,000,000 Ordinary Shares to be admitted to trading on AIM. It is expected that admission will be effective, and dealings in the New Ordinary Shares will commence, at 8.00 a.m. on 23 July 2019.

For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of the Company following Admission will consist of 540,828,008 Ordinary Shares with voting rights attached (one vote per Ordinary Share). There are no Ordinary Shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the DTRs.

END.

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Notes

About Angus Energy plc. Angus Energy plc. is a UK AIM quoted independent onshore oil and gas production and development company focused on leveraging its expertise to advance its portfolio of UK assets as well as acquire, manage and monetise select projects. Angus Energy majority owns and operates conventional oil fields at Brockham (PL 235) and Lidsey (PL 241) and has a 25% interest in the Balcombe Licence (PEDL244) and a 12.5% interest in the Holmwood licence (PEDL143).